Ericsson and Telenor Microfinance Bank (TMB) have strengthened their partnership and commitment towards financial inclusion and empowerment in Pakistan. The companies have signed a multi-year extension of their partnership. The aim is to propel easypaisa’s financial services offerings and expand the horizon of their portfolio within the fintech sector.
Ericsson’s fintech solution, the Ericsson Wallet Platform, will support TMB to become a digital bank, subject to regulatory approvals. It will offer a wide range of new and innovative digital financial services in Pakistan. easypaisa platform’s modernisation and expansion signifies a crucial juncture in TMB’s growth towards becoming a digital bank in the country.
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Open architecture framework and wide range of APIs
The Ericsson Wallet Platform is guided by an open architecture framework and a wide range of Application Programming Interfaces (APIs). It enables individuals and businesses to conduct secure and convenient banking and payment transactions with ease, directly from their mobile or smart devices. easypaisa customers can securely manage funds, pay merchants and utility providers. In addition, they can access loans and insurance services with ease and affordability, promoting financial freedom and stability.
Kashif Ahmed, Acting CEO and President, Telenor Microfinance Bank and easypaisa, said: “TMB and easypaisa are committed to enabling a financially inclusive and empowered Pakistan. With our state-of-the-art in-house technology, powered by the Ericsson Wallet Platform, we aim to position ourselves as a leading digital bank providing a spectrum of new and innovative digital financial services for millions of Pakistanis. With this strategic collaboration, our unified goal is to reshape the financial landscape across Pakistan and develop an inclusive ecosystem that benefits the entire country.”
Ericsson Wallet Platform supports over 400 million registered mobile wallets
The platform processes more than 2.8 billion transactions worth over $40bn monthly through communication service providers and financial institutions globally.
Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson, added: “Our partnership with Telenor Microfinance Bank signifies a shared vision to intensify efforts to accelerate fintech innovation, contributing to the financial inclusion and empowerment in Pakistan. Leveraging the Ericsson Wallet Platform, we aim to connect easypaisa customers with banking and advanced fintech services, providing transformative technologies to enhance capabilities and offering secure, user-friendly easypaisa services and mobile financial offerings. Together, we are committed to driving financial inclusion and economic growth while delivering seamless mobile financial solutions tailormade to suit the needs of the dynamic digital age of today.”
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